Reflect Scientific, Inc. Retires $3.4 Million Debenture Debt
Published: Jul 25, 2012
OREM, UT--(Marketwire - July 25, 2012) - Reflect Scientific, Inc. (OTCBB: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical and transportation industries announced that on July 9th, the company finalized settlement with their largest debenture holder.
The settlement reached removes $3,401,125 in debt, consisting of the principal, penalty and all accrued interest. The settlement also results in the removal of both the Series A Common Stock Purchase Warrants and Series B Common Stock Purchase Warrants, which warrants were for the purchase of 14,583,333 shares of common stock at the revised Base Share Price.
Mr. Boyce, CEO of Reflect Scientific, commented, "Had the debenture holder elected to convert the principal of the debenture and exercise the warrants at the revised Base Share Price as specified in the agreements along with penalty and interest, it would have resulted in the issuance of 31,035,016 shares of common stock. None of these shares were issued."
About Reflect Scientific, Inc.
Reflect Scientific, Inc., based in Orem, Utah, develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific's products are low temperature freezers and refrigerated systems for laboratory, transportation and computer server room uses. For more information, visit www.reflectscientific.com.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.